​​ Under this partnership, IndoStar will originate and service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing, ICICI Bank said in a release.

Pairing Automatic’s app with in-car adapter allows the drivers to access a wide range of connected services that are related to safety and convenience, service alerts, engine light diagnostics and recall information.

The merger of the two entities is subject to approval of the National Company Law Tribunal (NCLT). Under the terms of the new JV agreement, Anand Group will be increasing its stake to 30 per cent in the combined entity JAASS from its current holding of 25 per cent in TIPL.

In fact, segment leaders like Maruti Suzuki, Tata Motors and Hero MotoCorp have reported de-growth of 34.3 per cent, 45 per cent and 20 per cent, respectively giving a clear indication of a prolonged slowdown in the sector.